The clean energy company Phinergy announced the successful completion of an initial public offering on the Tel Aviv Stock Exchange. The company raised 200 million shekels ($ 60 million) in the initial public offering that oversubscribed twice, at a value of 780 million shekels ($ 237 million). The company is expected to start listing within the next week under the ticker symbol PNRG. Related articles Phinergy develops an electric car with a range of 1,750km Phinergy is founded by Aviv Tzidon (Chairman) and chaired by CEO David Mayer. The show was managed by Leader Insurance Agents, Leumi Partners, and Minora Moftahim, Insurance and Management Agents. Kfar Saba-based Phinergy company employs about 50 people, most of them are in R&D with focus on company-owned mineral and air technology, which facilitates electricity generation from chemical reaction between oxygen from surrounding air and metals (aluminum and zinc). The company says its technology has many applications, including backing up energy for critical locations, expanding driving range for electric vehicles (EV), and storing renewable energy. Before the IPO, Phinergy raised 240 million shekels ($ 73 million), including a 30 million shekels ($ 9 million) pre-IPO round of institutional investors, private investors, and existing shareholders. As part of its pre-IPO tour, Doral Energy invested 8 million shekels ($ 2.5 million) in Phinergy. Phinergy has also received several grants from the Israel Innovation Authority. “I am happy that we are listed on the Tel Aviv Stock Exchange, and I am excited to enter this new phase of mass production and global sales,” Zaidon said. “We intend to use the funds raised in the IPO to build mass production facilities in Kfar Saba, which will allow us to meet the great demand for our technology. I am grateful for the confidence our shareholders have given us who have not sold any of it during this IPO, and I am proud that we have reached this one. The stage where our employees own more than 50 million shekels in equity. ” Posted by Globes, Israel business news – en.globes.co.il – February 4, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021
The clean energy company Phinergy raises 200 million shekels in TASE IPO
0 Comments